US Retail Spending Exceeds Pre-Coronavirus Levels: The US increased its retail purchases in July by 1.2%, with solid gains in appliances and clothing helping to restore sales to their level before the COVID-19 pandemic erupted in March. Retail sales play an important role in the U.S. economy. It clearly shows consumer spending, which comprises about two-thirds of the economy. Retail sales measure spending at gas stations, stores, restaurants, and e-commerce establishments.
In July, spending on electronics and appliances increased by 22.9% monthly. Also, spending at bars and restaurants picked up by 5.0%. Home and garden spending fell by 2.9%. Meanwhile, purchases at sporting goods and bookstores cooled 5.0%. Spending on motor vehicles and their parts contracted by 1.2%.
We can’t spread a word about retail spending without mentioning unemployment benefits. Americans encouraged with $600 per week and it is what retail numbers in August look like, without the extra cash bump.
It is getting better in recent times. Retail sales and consumer spending, unemployment is also getting better in recent times. Over 9 million jobs are assigned in the summer months, after shedding 20.5 million positions in March and April. The Department of Labor announced that layoffs had fallen below 1 million for the first time since March.
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